ACI is Poised to Drive the UPI (Unified Payments Interface)
Transaction Opportunity in India and the Global Push to Real-Time,
Digital Payments
NAPLES, Fla. & MUMBAI, India--(BUSINESS WIRE)--Jun. 3, 2019--
ACI
Worldwide (NASDAQ: ACIW), a leading global provider of real-time electronic
payment and banking solutions, today announced it is
making a strategic investment in Mumbai-based Mindgate Solutions,
India’s leading digital payments company as well as the country’s market
leader in processing UPI (Unified Payments Interface) transactions. The
financial details of the investment were not disclosed.
As part of this investment, ACI and Mindgate will deliver a joint
real-time payments solution that will combine ACI’s proven Universal
Payments software solutions with Mindgate’s digital overlay services.
The advanced, end-to-end real-time
payments solution will be offered to banks, financial intermediaries
and merchants in India and other international markets via an
on-premise, public cloud or hosted model. This investment will also
provide Mindgate with the ability to expand its footprint globally.
UPI is a mobile-based, real-time payments platform in India developed
and managed by the National Payments Corporation of India (NPCI). UPI
enables all bank account holders in India (of banks participating in the
UPI scheme) to send and receive money from their smartphones with a
single, simple identifier. UPI can be used for Person-to-Person (P2P)
payments and Consumer to Business (C2B) payments.
“Since its launch by NPCI in 2016, UPI has achieved incredible growth
due to its ease-of-use and convenience,” said AP Hota, former CEO of
National Payments Corporation of India (NPCI) and industry thought
leader. “Indeed, India is leading the global real-time and digital
payments revolution, and we are seeing other markets implementing
similar end-to-end solutions to drive payments modernization. The
combination of ACI and Mindgate will support the continued global
adoption of real-time and digital payments, while helping to drive UPI
as it becomes the dominant Indian retail payments method.”
UPI has quickly emerged as the second most common method of digital
payment in India. According to the National Payments Corporation of
India (NPCI), the total number of UPI transactions reached approximately
800 million in March 2019, up from 178 million in March 2018. By 2023,
experts predict 60 billion UPI transactions annually, accounting for
more than 50 percent of India’s digital payments transactions.
“UPI has made India one of the markets to watch for innovation on top of
real-time payments infrastructure,” said Kieran Hines, Head of
Industries, Ovum. “This alliance positions ACI Worldwide well to support
future growth in the domestic market, while also enabling Mindgate to
bring its products and experience to ACI’s international customer base.”
Mindgate software processes 30 million digital transactions globally
every day, and 70 percent of UPI transactions are currently routed
through Mindgate-customer banks. By contrast, ACI has a long and
established heritage in India, with eight of the country’s ten largest
banks utilizing ACI’s UP solutions for critical payments needs,
processing 60 percent of India’s digital payments transactions.
“We have long admired ACI, a real-time payments pioneer with a long
track record of success in India and across the world. Our alliance will
result in a joint solution that is future-proof, flexible and scalable,”
said George Sam, co-founder & business head, Mindgate Solutions. “The
combination of ACI’s proven switch capability along with Mindgate’s
overlay services, flexibility and agility will empower banks, merchants
and intermediaries to fully capitalize on UPI’s extraordinary growth.”
“We are very excited to join forces with Mindgate. Their strong and
talented team develops and delivers cutting-edge solutions and services,
and we look forward to embarking on this real-time payments journey with
them,” said Phil Heasley, president and CEO, ACI Worldwide. “The global
real-time and digital payments transaction opportunity is vast, and with
the Mindgate and ACI alliance, we are well-positioned to capitalize on
this growth opportunity—providing to banks, corporates, merchants and
payment intermediaries the world’s leading real-time payments offering.”
About ACI Worldwide
ACI Worldwide, the Universal
Payments (UP) company, powers electronic
payments for more than 5,100 organizations around the world. More
than 1,000 of the largest financial institutions and intermediaries, as
well as thousands of global merchants, rely on ACI to execute $14
trillion each day in payments and securities. In addition, myriad
organizations utilize our electronic
bill presentment and payment services. Through our comprehensive
suite of software solutions delivered on customers’ premises or through
ACI’s private
cloud, we provide real-time, immediate
payments capabilities and enable the industry’s most complete omni-channel
payments experience. To learn more about ACI, please visit www.aciworldwide.com.
You can also find us on Twitter @ACI_Worldwide.
About Mindgate Solutions
Headquartered in Mumbai with global
regional technology centers in Asia, the Middle East and North America,
Mindgate Solutions has been at the forefront of the payments revolution
since its inception. A global leader in payments technology and
transaction processing, Mindgate develops next-generation payments
platforms for UPI and other real-time payment schemes across the globe.
© Copyright ACI Worldwide, Inc. 2019
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Forward-looking statements in this press release include, but are not
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drive the Unified Payments Interface transaction opportunity in India
and the global push to Real-Time, Digital Payments.
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Source: ACI Worldwide
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Dan Ring
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